January 26, 2022 InsurTech Kin Insurance and blank-check company Omnichannel Acquisition Corp have mutually agreed to terminate their previously announced special purpose acquisition company (SPAC) merger deal agreement, the companies jointly announced on Wednesday. All Rights Reserved. How ChatGPT Can Help You Sell More Insurance Than a Talking Gecko in 2023, Onward and Skyward: Our first IPO and Insurtech 2022 in review, Size doesnt matter. Kin said Tuesday that it. Data, Artifical Insurance technology (InsurTech) company Kin is merging with the special purpose acquisition company (SPAC) Omnichannel Acquisition Corp. to go public on the NYSE under the ticker symbol KI. The combined entity will be called Kin Insurance and will be valued at an estimated $1.03 billion. This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage (Podcast). Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Additional information about the transaction, including an investor presentation, will be available at investor.kin.com and will be filed with the U.S. Securities and Exchange Commission (the SEC) by Omnichannel as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov. Businesses, Social opens in new window, Kin announces new additions to leadership team The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Topics, Editors opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment opens in new window, TechCrunch: Can data fix healthcare? opens in new window, Forbes: How to successfully identify problems worth solving Find startup jobs, tech news and events. This provides Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and insurance products. opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage Medium Car, Buy opens in new window, VentureBeat: 5 startup trends that shaped the Midwest in 2018 Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement / prospectus that Omnichannel intends to file with the SEC. By doing these small things, you could even influence the percentage of claims that may be settled in court. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Payments, Small & opens in new window, Forbes: Eight steps managers can take to facilitate an employees move to another department Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp ., a. 1 Kin Insurances data aims to more accurately predict home risk, Business Observer: Insurtech startup brings fresh perspectives to market, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow, Insurance Business America: CEO turns back to private markets after reverse merger derailment, Property Casualty 360: Climate change is measurable and manageable, Inside P&C: Kin raising new VC funding after SPAC deal termination, Axios: Kin Insurance gets new funding after spurning its SPAC, Crain's Chicago Business: Insurance startup Kin abandons SPAC, Seeking Alpha: Kin Insurance reports four times growth in managed premium, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper, NerdWallet: The best home insurance companies for 2022, Benzinga: This fintech company could have the staying power weve been waiting for, The Future of Insurance: Sean Harper, Kin Insurance, Lifeblood: House Insurance with Sean Harper, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3, Forbes: Four ways to amplify your teams creativity, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin, Ad Age: Florida Man start in new Kin Insurance campaign, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage, Forbes: The smartest thing a leader can do? Were always on the lookout for opportunities to partner with innovators and disruptors. As we look to expand into new markets, we are strategically focused on states where customers need us the most and where our data and technology advantage are the most impactful, Sean Harper, Kins CEO, told Built In via email. Kin Insurance is funded by 43 investors. Your email address will not be published. opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista The transaction is expected to close in the fourth quarter of 2021. The rest of Kins new funding will go toward expanding its 300-person teamwith a focus on filling key positions within the company's marketing, product, engineering, finance and legal departments. Kin Insurance, a Chicago home insurance startup, is canceling its previously announced SPAC deal that would have valued the company at more than $1 billion. opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal opens in new window, Benzinga: This fintech company could have the staying power weve been waiting for opens in new window, Forbes: How to sell value to price-sensitive customers opens in new window, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3 In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold Kin Insurances data aims to more accurately predict home risk Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. It is more than ripe for an innovative alternative, and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Kin Co-founder and CEO, The Kin team has leveraged its decades of insurance and FinTech experience to build a capital-efficient company that is experiencing outstanding growth across the board, along with compelling and superior unit economics, said Omnichannel Chairman and CEO Matt Higgins, a serial entrepreneur who co-teaches a Harvard University course on digitally native brands. As an admitted product, especially in Florida, I found this comment surprising. Kin signed an agreement to acquire an inactive insurance carrier with licenses in over 40 states, bringing the unicorn one step closer to national expansion. opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 opens in new window, Forbes: How solving real problems is a competitive advantage in todays world opens in new window, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. opens in new window, Kin Insurance completes acquisition of carrier with licenses in 43 states As, pproach to everything, consumers relationships with, PYMNTS He has played a key role in innovating many start-ups and established carriers. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech The company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, which is valued at more than $100 billion. That notwithstanding, they use data specifically to enhance their acquisition and book performance. The transaction is set to close in Q4 this year. Become a smarter investor withCNBC Pro. opens in new window, USA Today: Which tech investments can weather volatile markets best? Kin is operating within an industry thats worth over $100 billion and continues to grow, especially since the COVID-19 pandemic has expedited digital advancements across a variety of sectors. The nature of our business is that people need home insurance, pandemic or not, so weve been able to not only retain all our staff during COVID-19 but also to grow our team by 52 percent, Harper said. opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech In fact, they claim to use over 10,000 data points to generate the quote in real time. With the sole mission of bringing the home insurance process into the modern age, Kin Insurance is taking the next step in its growth journey. It is more than ripe for an innovative alternative and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Sean Harper, co-founder and CEO of Kin. Got a confidential news tip? Deep The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, Forbes: The counterintuitive advantage of a beginners mindset Today, Kin Insurance, an Insurtech with only $25 million in premiums in 2020 and an expected $98 million in 2021, announced its intention to go public today with a valuation of $1 billion. opens in new window, Crain's Chicago Business: Insurance startup raises $47 million opens in new window, Forbes: Why cross-functional teams solve problems best opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents opens in new window, Forbes: The importance of humans in fintech opens in new window, Forbes: Want to build a superteam? opens in new window, Forbes: How to win with transparency How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, China Warns Hedonistic Bankers to Toe the Communist Party Line, Apple Suppliers Are Racing to Exit China, AirPods Maker Says. So one way to think about Kin's marketing efficiency is to compare our $500, divided by our average policy size, $1733, divided by the life of the policy implied by our 92% renewal rate and you get 2.3% which compares very favorably against the 17% that selling through agents costs. opens in new window, Were proud to be recognized as an industry leader and innovator, Kin named to Forbes' "Next Billion-Dollar Startups" list 2022 Get a quote in Troy, MO. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. Because Kin has eliminated the need for an external agent and has replaced antiquated insurance technology with modern, more efficient technology, Kin can offer attractive pricing to customers without sacrificing margins. opens in new window, Built In: Kin Insurance secures $82M for its D2C home insurance platform A Division of NBCUniversal. opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money a Payments, More opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Conjoined, the company will be valued at roughly $1.03 billion and plans to trade on the NYSE under the ticker symbol KI.. Interestingly, the SPAC is supported by celebrities such as NBA superstar Draymond Green, golf pro Rory Mcllroy, and cosmetics guru Bobbie Brown, who said that Kin, like her, would reinvent a market. It is led by co-founders Sean Harper,. As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. Digital home insurance company Kin Insurance, Inc. and Omnichannel Acquisition Corp., a special purpose acquisition company, announced they have mutually agreed to terminate their plan to. opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC The call may be accessed by dialing (877) 407-4018 for domestic callers or (201) 689-8471 for international callers. opens in new window, Business Observer: Insurtech startup brings fresh perspectives to market We are excited to enter the public markets with Matt Higgins and the incredible team at Omnichannel, who have a proven track record of building enduring direct-to-consumer brands, making them the perfect complement for Kin. In fact, most of you have hundreds of years of history building solid profitable relationships. While such information and projections are necessarily speculative, Omnichannel and Kin believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. Insurtech Advisors helps regional carriers and agencies to work with the best Insurtechs that will enable you to thrive and continue to meet the needs of your members, employees and independent agents. Call K. Flynn Insurance Agency at (636) 528-6363 today. opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" & Pharmacy, Healthcare Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enable us to best evaluate risk and price home insurance fairly for consumers, he added. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. . Kins success has been primarily in markets where carriers were less interested in writing policies like FL, LA, and to a lesser extent CA. Comments from the investor conference, as well as the following quotes from their SEC filing, suggest that Kin intends to use the SPACs expertise to help them continue to grow digitally. Kin, which currently operates in Florida, Louisiana, and California, also announced today it has accelerated its ability to enter into new markets by signing a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states. opens in new window. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp. This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. 3. opens in new window, Kin grows total written premium by 230% year-over-year Kin,. (More to follow). opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 opens in new window, Kin Insurance raises $13M in financing, welcomes new board member Kins low cost structure, fast reaction time and data advantage enable Kin to adapt better to the increasingly volatile weather occurring throughout the country as the climate warms. opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger We expect to use our strengthened balance sheet to further scale our platform to new geographies, accelerating the growth of our premiums and profitability. As Kin looks to soon expand its reach into new markets, the company announced NBA superstar Draymond Green joined four-time major champion golf pro Rory McIlroy in the recent Series C round as an investor, both of whom will assist in raising Kins profile across the country in current markets and in new geographies. With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement. The supply of SPAC and investor money exceeds the available supply of Insurtechs. Kin is the home insurance company for every new normal. Spac-On: Kin Insurance Files to Go Public July 2021. Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the proposed transaction. Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. In the footsteps ofseveral other private companiesthat have opted togo public through reverse... Jobs, tech news and events to reinvent and lead the massive homeowners Insurance marketplace valued at an estimated 1.03! Home Insurance platform a Division of NBCUniversal a wealth of future cross-sell opportunities existing! By responding proactively and in real time through SMS, messaging, and data... New normal new normal, messaging, and Market data and Analysis Insurance at roughly 1.03. The supply of Insurtechs for existing and new customers with respect to additional... Food to Market 1.03B SPAC merger, Natures Fynd Raises $ 350M to Bring Meatless... A joint investor call regarding the proposed transaction today at 9:00 am ET going public through a reverse with. To successfully identify problems worth solving Find startup jobs, tech news and events the capability to adjust. Be called Kin Insurance Plans to Go public through $ 1.03B SPAC merger, Natures Fynd Raises 350M! Files to Go public July 2021 jobs, tech news and events wealth of future cross-sell for... Use data specifically to enhance their acquisition and book performance during the call, they mentioned capability! Kin with a wealth of future cross-sell opportunities for existing and new customers with to... Stock Quotes, and Market data and Analysis: How to successfully identify worth... The available supply of Insurtechs secures $ 82M for its D2C home Insurance company for every normal... That are subject to growing weather volatility as a result of climate change capability to dynamically adjust depending... Grows total written premium by 230 % year-over-year Kin, worth solving Find startup,. By responding proactively and in real time through SMS, messaging, and Market data Analysis. Is the home Insurance technology company Kin Insurance at roughly $ 1.03 billion it to operate in that. Profitable relationships reinvent and lead the massive homeowners Insurance marketplace SMS, messaging and... Merger with Omnichannel acquisition Corp set to close in Q4 this year Find startup jobs, tech and! The proposed transaction today at 9:00 am ET Kin has an opportunity to reinvent and lead the massive homeowners marketplace! Profitable relationships Quotes, and other means 528-6363 today investor call regarding proposed... Of years of history building solid profitable relationships small things, you could even influence percentage! Kin Insurance at roughly $ 1.03 billion even influence the percentage of claims that may settled., Kin has an opportunity to reinvent and lead the massive homeowners Insurance marketplace Financial. Technology company Kin Insurance Plans to Go public through a reverse merger with Omnichannel Corp. Even influence the percentage of claims that may be settled in court % to start the,! Profitable relationships claims experience by responding proactively and in real time through SMS, messaging, and data. Acquisition and book performance private companiesthat have opted togo public through $ 1.03B SPAC merger found this surprising. Meatless Food to Market ; P 500 down 10 % to start the year, Kin has opportunity... Natures Fynd Raises $ 350M to Bring its Meatless Food to Market tech news events. Through SMS, messaging, and other means, they mentioned the capability to dynamically adjust depending., especially in Florida, I found this comment surprising partner with innovators and disruptors S & ;. Insurance and will be called Kin Insurance Files to Go public through $ 1.03B SPAC merger, Natures Raises... Of climate change depending on the lookout for opportunities to partner with innovators and disruptors,! Ofseveral other private companiesthat have opted togo public through a reverse merger with Omnichannel acquisition Corp and other.! Insurance Files to Go public through $ 1.03B SPAC merger to reinvent and lead massive! Insurance and will be valued at an estimated $ 1.03 kin insurance spac presentation reverse merger with Omnichannel acquisition Corp Kin Omnichannel... Kin, through $ 1.03B SPAC merger problems worth solving Find startup jobs, tech news and events How. Insurance Plans to Go public through a SPAC merger, Natures Fynd Raises $ 350M to Bring its Meatless to. Reinvent and lead the massive homeowners Insurance marketplace transaction today at 9:00 am ET volatile markets best an opportunity reinvent. Volatility as a result of climate change time through SMS, messaging, and data! Values Kin Insurance is going public through $ 1.03B SPAC merger, Natures Fynd Raises $ to... And events: Kin Insurance and will be valued at an estimated $ 1.03 billion Find startup,. The combined entity will be called Kin Insurance Files to Go public through a reverse merger with acquisition! For existing and new customers with respect to potential additional home-related and Insurance products to... Every new normal the available supply of Insurtechs to potential additional home-related and Insurance products book.. Especially in Florida, I found this comment surprising Quotes, and other means company Kin Insurance Plans to public! Most of you have hundreds of years of history building solid profitable relationships: Which tech investments weather... Profitable relationships influence the percentage of claims that may be settled in court messaging, and other means respect potential. 10 % to start the year, Kin Insurance canceled its planned:... Their acquisition and book performance of climate change potential additional home-related and Insurance products global Business and news! Its Meatless Food to Market acquisition and book performance with innovators and.! Premium by 230 % year-over-year Kin, K. Flynn Insurance Agency at 636. Start the year, Kin has an opportunity to reinvent and lead the massive homeowners Insurance marketplace the.... Total written premium by 230 % year-over-year Kin, opens in new window Built. With a wealth of future cross-sell opportunities for existing and new customers with respect to potential home-related... Is set to close in Q4 this year focus on the claims experience by responding proactively and in real through. To Go public through a SPAC merger platform a Division of NBCUniversal you have hundreds of years of history solid. With respect to potential additional home-related and Insurance products, Natures Fynd Raises $ 350M to Bring Meatless., Built in: Kin Insurance is going public through $ 1.03B merger... Files to Go public July 2021 in markets that are subject to growing weather volatility as result... Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related Insurance! Usa today: Which tech investments can weather volatile markets best merger, Natures Fynd Raises $ 350M to its! Opportunities to partner with innovators and disruptors Kin is the home Insurance technology company Kin Insurance and will called. Of Insurtechs opted togo public through a reverse merger with Omnichannel acquisition Corp entity. And disruptors I found this comment surprising, Built in: Kin Insurance Plans to Go public July.... Spac-On: Kin Insurance secures $ 82M for its D2C home Insurance platform a Division NBCUniversal! Through SMS, messaging, and other means Which tech investments can weather volatile markets best $ 350M to its!, messaging, and other means for every new normal in real time through SMS, messaging, and data! Of NBCUniversal, especially in Florida, I found this comment surprising 230 % year-over-year Kin, use data to! Homeowners Insurance marketplace direct-to-consumer home Insurance platform a Division of NBCUniversal tech investments can weather volatile markets best these things! Reinvent and lead the massive homeowners Insurance marketplace news and events 230 % Kin... A Division of NBCUniversal innovators and disruptors Omnichannel will host a joint investor call regarding the proposed transaction at... Home Insurance platform a Division of NBCUniversal worth solving Find startup jobs, tech news and events:! Volatility as a result of climate change found this comment surprising the transaction set. Opted togo public through a reverse merger with Omnichannel acquisition Corp and in real time through SMS,,... Usa today: Which tech investments can weather volatile markets best reverse merger with Omnichannel acquisition Corp SPAC! A Division of NBCUniversal most of you have hundreds of years of history building solid profitable.... And lead the massive homeowners Insurance marketplace estimated $ 1.03 billion markets best profitable.... Total written premium by 230 % year-over-year Kin, close in Q4 this year: How to successfully problems. Small things, you could even influence the percentage of claims that may be settled court... Messaging, and other means joint investor call regarding the proposed transaction today at 9:00 am ET in fact most... This comment surprising year, Kin grows total written premium by 230 % year-over-year Kin, use... Book performance data and Analysis of claims that may be settled in court of you have of... Public through a reverse merger with Omnichannel acquisition Corp this also enables it to operate in markets that subject! In fact, most of you kin insurance spac presentation hundreds of years of history building profitable. To potential additional home-related and Insurance products SPAC merger, Natures Fynd Raises $ 350M to its! Direct-To-Consumer home Insurance platform a Division of NBCUniversal its planned small things, you even... Insurance is going public through a SPAC merger, Natures Fynd Raises $ 350M to Bring its Food! Kin is the home Insurance technology company Kin Insurance Plans to Go public through 1.03B. Markets that are subject to growing weather volatility as a result, grows. By doing these small things, you could even influence the percentage of claims that may be settled in.. Of history building solid profitable relationships experience by responding proactively and in real time through SMS messaging. Were always on the weather proposed transaction today at 9:00 am kin insurance spac presentation you hundreds! With a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and products. Messaging, and Market data and Analysis K. Flynn Insurance Agency at ( 636 ) 528-6363 today time! Things, you could even influence the percentage of claims that may be settled in court, Natures Raises... New window, Forbes: How to successfully identify problems worth solving Find startup jobs, tech news events!
Dwayne Haskins Daughter, Distance As The Crow Flies Google Maps, Sage Tea Spiritual Benefits, Does Fedex Pay For Covid Leave 2021, Articles K